Harness racing officials flocked to Peters' side at Addington on Friday night, where he spoke at a dinner event.
In his address, Peters hinted the Racing Amendment Bill - known in racing industry circles as the race fields legislation - may not make its way through Parliament.
Peters slammed the current racing Act before warning that its amendment, under which tax overseas bookmakers would be taxed for using New Zealand racing products, may not be fit for purpose.
``The 2003 legislation was written by bureaucrats and politicians, for bureaucrats and politicians, not for the racing industry,'' he said.
The Racing Amendment Act was sitting in front of the parliamentary select committee at the moment, stalled. It might not be fit for purpose, he said.
Peters recently charged Australian racing administrator John Messara with conducting a high-level review of the New Zealand racing industry, which he is to present on July 31.
Messara could recommend a total revamp of the Racing Act or major changes to Racing Amendment Act.
ThoughMessara could recommend changes that could provide the industry with a major windfall in the long term, there could be a short-term fallout.
New Zealand Racing Board chief executive John Allen recently said the lack of race fields legislation was costing the industry $1million each month.
The industry looks set to continue to carry those costs until at least August, if not longer.
Peters dropped the s pre-Budget announcements for racing at Addington on Friday night.
In 2006, during his last tenure as racing minister, Peters made changes to alleviate horse bloodstock taxation. However, the effect of those changes had been watered down since.
Peters announced on Friday the Budget on Thursday could boost those rules.
``Twelve years ago, as minister of racing and alongside the then minister of finance, changes were introduced for an accelerated write-down regime for bloodstock.
``The current rules around tax write-downs have become lost from their original purpose of promoting investment.
``As a Government we have been working on steps to increase ownership and make the purchase of bloodstock attractive again,'' Peters said.
